The Euro is trading at 1.2411 which is just 3 pips off of the high of the day at 1.2414. The low has been 1.2350. This level around the low trade today remains the area seen as short-term support for the currency versus the US Dollar. This has been a quiet start in trading currencies this week due to the fact that here is a holiday in Japan today. In addition, there has only been one piece of economic data of note out of the Euro zone today. The German Ifo Business Climate number registered 104.7 which beat expectations and helped the Euro push towards its high today. The US Flash Services PMI number is out later today and could have some impact on the directional movement of the currencies versus the US Dollar. However, this data is considered to be a low impact number in relation to the markets overall.
The British Pound is trading at 1.5689 at this writing which is 4 pips below the high of the day at 1.5693. The low in Cable has been 1.5628. There has been no economic data of significance out of the UK today. The low level that Cable has traded is an area where there is good short-term support for the pound. Looming over the markets this week is the US Thanksgiving holiday to be observed this coming Thursday. The holiday actually signals the start of the festive season with preparations following in the coming weeks for the celebrations at the year end. Later this week, there will be more significant economic data being released out of the UK such as the second GDP estimate on Wednesday and the Nationwide HPI number on Friday to name just two.
The Japanese Yen is trading at 118.27 at present. The USD/JPY low has been 117.57 while the high has been 118.38. There is a bank holiday in Japan today which has definitely impacted the volume of trading particularly in the Asian region. As a result of the limited trading in the region, the US Dollar has been able to gain ground today and remains poised towards the upper side of today’s range. Expect trading volumes to return to more normal levels tomorrow with the Japanese back from holiday. There will be a few pieces of economic data out of Japan tomorrow as well which will result in a normal day of trading.
AUD/USD is trading at 0.8628 with the low being 0.8622 and the high being 0.8700.
USD/CAD is trading at 1.1252 with the low being 1.1224 while the high has been 1.1254.
This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.